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Soloti Invests Into Nigeria’s Gaming Industry



Soloti Invests Into Nigeria’s Gaming Industry, SiliconNigeria

The management  of  Soloti  Gaming  Limited,  a  new  investor  in  Nigeria’s  fast-growing gaming industry has announced its entry into the gaming sector.  

Soloti recently obtained its operational licences from the National Lottery Board and The Lagos State Lottery Board and is poised to revolutionise the sports betting industry in Nigeria.  

The chairman of Soloti, Mr. Adebayo Tade expressed optimism at the consistent growth trend in the gaming industry in Africa and Nigeria. “We have over the last two years been conducting extensive research on the gaming industry in Africa, notably West Africa.

“And we believe it is time to revolutionise and reposition the gaming industry in Nigeria, offering innovative and mores strategic outcomes beneficial to the over 70 million punters in the Nigeria gaming industry.”

Speaking  on  the  entry  of  Soloti  Gaming  Limited’s  foremost  product FRAPAPA,chief executive officer, Mr. Derrick Bell stated that, “We are thrilled to announce the entry of FRAPAPA;  a  unique  product  under  Soloti  Gaming  Limited  into  Nigeria’s  fast-rising gaming  industry. Our entry into Nigeria supports our strategic business decision and global growth strategy aimed at adding value to the gaming industry through innovative offerings, human capital engagement and the value chain of wealth creation.”

 Mr. Bell, a technology and business expert has over the last ten years working as an ICT business consultant in the United Kingdom further stated that “Over the next few weeks, FRAPAPA will be unveiled for engagement and patronage with unique propositions that are of global standards.” 

The FRAPAPA brand value proposition will create passion, wealth, and more wins for punters. The new platform will address the challenges observed during consultations with Punters. The new platform will address the challenges observed during consultations with Punters. FRAPAPA is expected to provide faster pay-outs, great odds,  a user-friendly platform, and most significantly an attractive welcome bonus.

While commenting on the entry of FRAPAPA to the Nigerian market, the chief operating officer, Mr. Layi Olayinka, said, “I am super excited to be part of the highly innovative team of experts coming to the Nigerian gaming industry. Our vision is clear; we want to create a gaming framework that provides a superior betting platform with impactful, life- changing offerings and more.” 

He further stated “Our team boasts of more than 40 years of combined experience in the UK Gaming and Technology sector, and we aim to use our vast array of experience to deliver a platform that offers a premium gaming experience while ensuring swift pay-outs, withdrawals, SMS notifications for winnings, odds boots and a data-friendly apps/website for a thrilling user experience.

 “Collectively, our knowledge will be used to forge a highly effective and intuitive network for our business, providing abundant resources and organisational tenacity that will result in the successful delivery of the ideal betting experience that Nigerian punters deserve and envision.”

 Soloti Gaming Limited is committed to upholding its brand promise as both an enabler and business entity providing an opportunity to empower more Nigerians to become financially independent both as Punters and Agents. 

In fulfillment of its key goal in contributing positively towards youth employment and empowerment in Nigeria, Soloti Gaming Limited has indicated that they would be creating job opportunities both directly & indirectly for thousands of Nigerians over the next three years.Download all attachments as a zip file

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Access Bank Unveils Digital Payment Platform For SMEs



Access Bank Unveils Digital Payment Platform For SMEs, SiliconNigeria

Access Bank Plc has unveiled a digital platform known as SWIFTPAY, to facilitate payments between Small and Medium Enterprises (SMEs) and retail customers in the digital space. SWIFTPAY, according to the bank, is a digital payment service that facilitates the receipt of business payments by enabling customers make quick, easy and secure digital payments on social media platforms to merchants.

Speaking on this development in Lagos, group, head, emerging businesses, Access Bank, Ayodele Olojede, noted that, the lockdown experienced in 2020 as a result of the COVID-19 pandemic, resulted in less in-person interactions and  less in-person payment options.

She revealed that statistics from a survey carried out post-lockdown showed that MSMEs were impacted by cash flow, revenue and sales, adding that, the impact of the pandemic made more apparent the lack of infrastructure and access to digital resources for small businesses.

According to her, this is why Access Bank introduced SWIFTPAY to support the digital transition and growth of SME businesses.

“This product is part of the bank’s commitment to support SMEs to meet their business objectives despite the times. The new service comes in form of a payment link that can be hosted on merchants’ social media pages and sent to anyone to pay and conclude business transactions. It is easy and takes less than five minutes for interested merchants to sign up as it is convenient and time saving for everyone.”

Olojede also revealed that the bank is committed to providing very practical solutions that support the growth of small businesses in the country.

“We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to contribute to the stimulation of economic growth. With the launch of “SwiftPay by Access”, we are renewing our commitment to providing the much-needed technological support to our SMEs,” Olojede pointed out.

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Open Banking Europe, ETPPA to Collaborate on PSD2



Open Banking Europe ETPPA to Collaborate on PSD2, SiliconNigeria

Today Open Banking Europe (OBE) and the European Third Party Providers Association (ETPPA) announced a Mutual Cooperation agreement had been signed to foster collaboration, enhance industry understanding and establish a framework for sharing information between the two organisations.

The Mutual Cooperation Agreement formalises and strengthens the interaction and existing relationship between OBE and the ETPPA at a strategic level, focusing on providing guidance and clarification on the operational aspects of PSD2 in Europe.

Both parties will work together on activities relating to TPP services under PSD2 Open Banking. This comprises research, statements, documents and webinars, as well as outreach to other organisations within the Open Banking ecosystem.

The agreement also provides for continued strengthening of future cooperation between OBE and the ETPPA in achieving common goals that will increase stability and help accelerate the Open Finance journey.

John Broxis, Managing Director, Open Banking Europe, stated: “This agreement builds on the extraordinary work we have done with the ETPPA in understanding the needs and concerns of TPPs, and bringing these to the attention of regulators and banks so that the successful implementation of Open Banking in Europe can continue”.

Ralf Ohlhausen, Chairman, ETPPA, commented, “Our cooperation with OBE over the past few years has been very fruitful already and we would like to strengthen this further given the many outstanding issues around Open Banking and the need for applying the lessons learned to Open Finance”.

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Crypto-currencies and Blockchain

Luno Offers To Work With CBN, SEC On Cryptocurrency Regulatory Framework



Luno Offers To Work With CBN SEC On Cryptocurrency Regulatory Framework, SiliconNigeria

Luno, global cryptocurrency platform which has over three million customers in Nigeria said today that it was ready to work with the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and other regulators to create a cryptocurrency regulatory framework for the country.

 On the back of the CBN’s recent crypto ban, the exchange details its strategy to navigate the impact of the CBN’s circular as well as deeper context on the ban’s effect on Nigeria’s crypto sector.  

It stated that Nigeria is among the world’s biggest users of cryptocurrency where it has worked hard to build a safe and transparent ecosystem for its Nigerian customers and today, Luno has more than three million customers in the country. 

A statement by Luno noted that this mission was unfortunately interrupted recently, when a Central Bank of Nigeria circular was published, prohibiting banks and other payment providers from working with cryptocurrency platforms. It shares the Central Bank of Nigeria’s concern for Nigerians, but feel that the approach it has taken here does not achieve the CBN’s objectives in this instance.

It says any attempt to restrict access to cryptocurrency does not protect Nigerians. “It holds them back and leaves them vulnerable. It prevents honest Nigerians from taking advantage of all that cryptocurrency has to offer them. It also leaves the regulators at a disadvantage. Blanket bans push people “underground” [i.e. trading via Whatsapp or Telegram groups, for example]. This makes activity involving transparency less transparent and means financial bodies have less visibility of what’s going on. 

“Pushing people underground also makes it easier for scammers to exploit Nigerians, and we are already seeing Bitcoin trade at huge premiums in the country as a result of the ban. Other companies have made the choice to find workarounds that are less visible for regulators – for example, Peer-2-Peer (P2P) trading,” it says.

According to Luno, “Our view is that P2P trading would go against the spirit of the CBN’s directive. We believe that the focus should instead be on demonstrating to the CBN that exchanges such as Luno have the necessary controls in place to address the concerns it has in relation to cryptocurrencies.”

It says Nigeria’s regulators have taken a pragmatic and forward-looking approach to cryptocurrency in the past, with the SEC even actively developing a framework to regulate. “We’re confident that this issue can be resolved quickly, so that Nigeria can continue to play a central role in the growth of cryptocurrency.

“This also isn’t the first time Luno has faced a situation like this. When the Malaysian Securities Commission introduced a new regulatory framework for crypto exchanges in the region, Luno worked with regulators to become the country’s first licensed exchange.

“This has created an inclusive and transparent cryptocurrency ecosystem in the country, making it easier for consumers and regulators alike. We would like to work with CBN and regulators in Nigeria as we have in other countries, to create an open dialogue and to come to a solution that works for everyone,” the statement concluded.  

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